Fiesta Restaurant Group, Inc. (NASDAQ:FRGI) Files An 8-K Costs Associated with Exit or Disposal Activities

ME Staff 8-k

7 years ago

Fiesta Restaurant Group, Inc. (NASDAQ:FRGI) Files An 8-K Costs Associated with Exit or Disposal ActivitiesITEM 2.05. COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES.

On September 12, 2017, the Company's Board of Directors concluded that the Company had impairment and lease and other charges as required under generally accepted accounting principles relating to the closure of six remaining Company-owned Pollo Tropical restaurants in south Texas on September 15, 2017, including two Company-owned restaurants in Houston that have not reopened after Hurricane Harvey and four Company-owned restaurants in San Antonio.

The Company expects to record total non-cash impairment charges of approximately $7 million to $9 million and related lease and other charges of approximately $1 million to $2 million in the third quarter 2017 with respect to the six closed restaurants, which will result in future cash expenditures.

ITEM 2.06. MATERIAL IMPAIRMENTS.

The information required to be disclosed under this Item 2.06 is included in Item 2.05 above and incorporated by reference herein.

The Company issued a press release on September 15, 2017 providing an update of the impact of Hurricane Harvey in Texas and Hurricane Irma in Florida on Company-owned restaurants and also announced the closure of the six remaining Pollo Tropical restaurants in south Texas. The entire text of the press release is attached as Exhibit 99.1 and incorporated by reference into Item 2.05 and Item 2.06.

ITEM 7.01. REGULATION FD DISCLOSURE.

On September 15, 2017, Fiesta Restaurant Group, Inc issued a press release, the entire text of which is attached as Exhibit 99.1 and is incorporated by reference herein.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

Fiesta Restaurant Group, Inc. ExhibitEX-99.1 2 exhibit991pressrelease91517.htm PRESS RELEASE Exhibit Exhibit 99.1FOR IMMEDIATE RELEASEInvestor Relations Contact:Raphael Gross203-682-8253investors@frgi.comFiesta Restaurant Group,…To view the full exhibit click here
About Fiesta Restaurant Group, Inc. (NASDAQ:FRGI)
Fiesta Restaurant Group, Inc. (Fiesta) owns, operates and franchises approximately two fast-casual restaurant brands, Pollo Tropical and Taco Cabana. The Company operates through the Pollo Tropical and Taco Cabana segments. Its Pollo Tropical is a fast-casual restaurant brand offering a range of Caribbean food. Taco Cabana restaurants offers a selection of hand-made Mexican food. Pollo Tropical restaurants offer Caribbean menu items, featuring its bone-in chicken marinated in blend of tropical fruit juices and grilled over an open flame. Its Taco Cabana restaurants serves Mexican food, including flame-grilled steak and chicken fajitas served on sizzling iron skillets, quesadillas, hand-rolled flautas, enchiladas, burritos, tacos flour tortillas, customizable salads served in its Cabana Bowl, and its breakfast tacos. It also offer a self-serve salsa bar, which includes a selection of made-from-scratch salsas, sauces, sliced jalapenos, chopped cilantro, chopped onions and other items.